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first lets introduce the basic principles of demand and supply they will help us understand better the concept of elasticity which we will need a bit later on demand and supply examine how the interactions between buyers and sellers determine the price and quantity of a product basically the world of economics consists of two types of players so to say on one side we have consumers who buy goods and on the other firms that sell goods consumers want to maximize their utility with respect to the goods they purchase whereas companies always try to make as much profit as possible from the products or services they sell and the law of demand youre probably already familiar with it states that when prices rise consumers are willing to buy less and vice versa when prices drop they tend to buy more all the factors influencing consumers decision to buy are captured in the following demand function this is a function driven by variables like price income and the price of other goods however i
